This Option to Purchase Addendum to Residential and Lease Agreement is entered into by and between the lessor and the lessee. The lessor agrees not to offer the residence for sale to anyone during the term of the lease, and to give the lessee (tenant) the option to purchase the residence at any time prior to the expiration of the lease, provided the lessee gives notice of intent to purchase in accordance with the provisions of the Addendum. At that point, a separate contract of sale will be executed and the sale will proceed as any sale would.
Please note: This Addendum form is NOT a lease agreement. You will need a separate Residential Lease Agreement. The Addendum would be attached to that Agreement
The Meridian Idaho Option to Purchase Addendum to Residential Lease, also known as the Lease or Rent to Own Addendum, is a legal document that provides tenants with the opportunity to purchase the property they are currently leasing at some point in the future. This addendum is specifically tailored for residents of Meridian, Idaho, and aims to outline the terms and conditions surrounding the lease agreement and the potential purchase option. There are different types of Meridian Idaho Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each offering varying terms and conditions to suit the needs and preferences of different tenants and landlords. Here are some common types: 1. Standard Lease to Own Addendum: This type of addendum is suitable for tenants who are interested in buying the property they are currently leasing in Meridian, Idaho. It typically includes details such as the purchase price, the date by which the tenant can exercise the purchase option, and any rent credits that will be applied towards the purchase price. 2. Lease-Purchase Addendum: This addendum is similar to the standard lease to own addendum, but with a slight variation. It includes an obligation for the tenant to purchase the property at the end of the lease term, rather than having the option to purchase. This type of addendum is ideal for tenants who are committed to buying the property upon lease expiration. 3. Lease with Option to Purchase Addendum: This option is suitable for tenants who are uncertain about their long-term plans or financial stability but want to have the option to buy the property in Meridian, Idaho. Unlike the lease-purchase addendum, this type allows tenants the flexibility to decide whether they want to exercise the purchase option or not at the end of the lease term. 4. Rent and Purchase Addendum: This addendum combines the lease and purchase agreement into a single document. It outlines the terms of the lease agreement, including the monthly rent and lease term, as well as the purchase option details. This type offers convenience, as both the lease and purchase terms are included in one agreement. Regardless of the specific type of Meridian Idaho Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is important for tenants and landlords to review the document carefully, seek legal counsel if needed, and ensure that all terms are clear and agreeable to both parties. This addendum provides an opportunity for tenants to transition from renting to homeownership, offering a unique pathway to property ownership in Meridian, Idaho.The Meridian Idaho Option to Purchase Addendum to Residential Lease, also known as the Lease or Rent to Own Addendum, is a legal document that provides tenants with the opportunity to purchase the property they are currently leasing at some point in the future. This addendum is specifically tailored for residents of Meridian, Idaho, and aims to outline the terms and conditions surrounding the lease agreement and the potential purchase option. There are different types of Meridian Idaho Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, each offering varying terms and conditions to suit the needs and preferences of different tenants and landlords. Here are some common types: 1. Standard Lease to Own Addendum: This type of addendum is suitable for tenants who are interested in buying the property they are currently leasing in Meridian, Idaho. It typically includes details such as the purchase price, the date by which the tenant can exercise the purchase option, and any rent credits that will be applied towards the purchase price. 2. Lease-Purchase Addendum: This addendum is similar to the standard lease to own addendum, but with a slight variation. It includes an obligation for the tenant to purchase the property at the end of the lease term, rather than having the option to purchase. This type of addendum is ideal for tenants who are committed to buying the property upon lease expiration. 3. Lease with Option to Purchase Addendum: This option is suitable for tenants who are uncertain about their long-term plans or financial stability but want to have the option to buy the property in Meridian, Idaho. Unlike the lease-purchase addendum, this type allows tenants the flexibility to decide whether they want to exercise the purchase option or not at the end of the lease term. 4. Rent and Purchase Addendum: This addendum combines the lease and purchase agreement into a single document. It outlines the terms of the lease agreement, including the monthly rent and lease term, as well as the purchase option details. This type offers convenience, as both the lease and purchase terms are included in one agreement. Regardless of the specific type of Meridian Idaho Option to Purchase Addendum to Residential Lease — Lease or Rent to Own, it is important for tenants and landlords to review the document carefully, seek legal counsel if needed, and ensure that all terms are clear and agreeable to both parties. This addendum provides an opportunity for tenants to transition from renting to homeownership, offering a unique pathway to property ownership in Meridian, Idaho.
